New Charters, AHTS Acquitions by Topaz

Press ReleaseAugust 12, 2012

Topaz signs over $65 million of new charters and announces the acquisition of two AHTS.

Renaissance subsidiary, Topaz Energy and Marine (“Topaz”), a UAE-based oil field services company, has been awarded two new long term charters, totalling over $65 million, in the GCC and the Caspian Sea, two of the company’s major operating areas.

It also confirms the acquisition of Topaz Rayyan and Caspian Reliance, two Anchor Handling Tug Supply Vessel (AHTS).

Topaz Rayyan, will be deployed in Qatar on a seven-year, $50 million charter, for an international oil company (“IOC”). The vessel was built in 2006 and was previously owned by Sanko Steamship Co Ltd in Japan.

The second AHTS, Caspian Reliance, is to be deployed in the Caspian Sea with a firm contract value of $13.9 million. It is a new, untraded vessel formerly owned by Boluda Ltd.

The vessels are 100-T DP-2 Anchor Handling Tug Supply Vessels (AHTS) and both will undergo a $2 million upgrade to meet client specific requirements. Advanced DP-2 is a standard required increasingly by IOCs, which allows vessels to remain accurately in position for long durations

Roy Donaldson, COO of Topaz Marine & Energy said:
“The addition of these two vessels increases the number of more technologically advanced DP-2 vessels in our fleet. Our strategic focus on modern technology ensures our vessels meet the standards required increasingly by our major international oil clients. These acquisitions ensure that Topaz’s fleet remains one of the youngest operators in the world.”

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